TLDR:
- GOAT Network will launch the testnet this month and the mainnet in Q3
- 5,000 BTC has been pledged for liquidity when the mainnet is launched. The first batch of nodes include Amber Group, Hashkey Cloud, RockX, Benmo and an undisclosed operator.
- GOAT Network solves the three major challenges facing L2: decentralization, security, and sustainable returns. The vision is to become a universal L2 for all L1s.
- Early adopters can earn points by participating in the GOAT Club program, which will be used to receive upcoming airdrops.
As the Bitcoin ecosystem continues to develop and improve, the ecological construction around BTC will become an important narrative of Web3 in 2023 and 2024. Layer2 built on BTC is an indispensable and most important part of BTC ecological construction. Data shows that BTC L2 companies and projects raised $94.6 million in Q2 of 2024, a month-on-month increase of 174%. The favor of funds proves the strong expectations of senior industry insiders for BTC Layer2. At present, there are many solutions for BTC Layer2, but there are no projects with good enough technology and ecology. This track is still in the stage of competition among heroes, and any high-quality project has the opportunity to become the leader and attract the vast majority of users and funds. Among the many BTC Layer2 solutions, GOAT Network is the most innovative and potential project. It is also the first BTC Layer2 project in the entire network to adopt a decentralized sorter and share network ownership. Its ultimate goal is to become a universal L2 for all L1s.
This article will fully present GOAT Network from the perspectives of background, technology, ecology, and team.
About GOAT Network
GOAT Network expands the functionality of Bitcoin by implementing Bitcoin Rollup, and the security of the network is obtained from the underlying Bitcoin blockchain of Rollup, which is L1. By introducing an optimistic challenge protocol GOAT-OCP, using BitVM2 to ensure security and ZKM interwoven Rollup as a universal settlement layer, GOAT Network can enhance the inclusiveness and finality of transactions. At the same time, a decentralized sequencer is used to protect the stability of the network and ensure the security of the network's assets. The GOAT testnet will be launched soon, and the mainnet is expected to be launched in Q3 or Q4. The official GOAT Club points plan will be launched to provide lasting value and fair and sustainable rewards for Bitcoin holders of all sizes.
Completely solve the three major challenges facing L2
All L2 networks face challenges in decentralization, security, and how to achieve sustainable returns. In response to these challenges, GOAT Network has proposed effective solutions:
Decentralized sorter Currently, most L2s use centralized sorters. If there is a problem with the sorter, the entire system will be in chaos or even collapse. This centralization has planted unsafe factors for the entire system and affected the organic growth of the system. GOAT will use a decentralized sorter from the first day of the mainnet launch. Initially, there will be 7 sorter nodes, and each node needs to stake BTC to protect the GOAT network. As the ecosystem develops, more sorters will be added.
There are currently five confirmed founding sequencer nodes, namely Amber Group, Hashkey Cloud, RockX, Benmo and an unnamed operator, who have pledged more than 5,000 BTC, with the goal of reaching 8,000-10,000 BTC at launch. Deeper liquidity will help build and run on-chain DeFi applications while ensuring the stability and security of the network to the greatest extent.
Amber, one of the first sequencer operators, is the most prominent blockchain infrastructure provider and asset management company, and one of the first investors in GOAT. Amber is proficient in both technology and investment, and the projects it invests in are also of great reference significance to the crypto market.
safety
In terms of security, GOAT Network uses an enhanced version of Bitcoin time lock and one-time signature technology to protect locked BTC assets on the first layer of Bitcoin. Babylon uses the same technology. On Layer 2, the zero-knowledge virtual machine zkVM developed by ZKM is used, giving the system the native security standards of the Bitcoin base layer.
Sustainable income model
Decentralized sequencers can earn gas fees in BTC and mining rewards in the form of GOAT tokens by generating blocks, providing security, and 24/7 activity.
This mechanism provides node operators, builders, large BTC holders and even small holders with the opportunity to participate in sequencer operations and obtain sustainable returns.
This structure also enables the creation of a new BTC bond market by tokenizing the revenue from the decentralized sequencer.
Common Layer2 for all L1s
GOAT Network aims to become the universal L2 for all L1s. This goal fully demonstrates GOAT’s ambition and foresight.
Bitcoin is the first ecosystem that GOAT Network integrates, and there will be Ethereum, TON, Cosmos, etc. in the future. The goal is to enable any L1 to seamlessly connect to any L2 to solve the interoperability and decentralized liquidity issues of blockchains without the vulnerabilities of traditional third-party bridges. Currently, no other L2 can do this.
Cross-chain is the most vulnerable layer of interoperability in blockchain, and it is also a link where security issues frequently occur and cause huge losses. GOAT Network deploys its internal Entangled Rollup technology on L1 and L2 of all blockchains, aggregating transaction status, messaging, and ZKP from one source chain and verifying them in another chain. This method makes it possible to pass messages and transfer assets across many different networks without going through a third-party bridge, ensuring the smooth liquidity of the entire network and the security of assets. It also makes it possible for GOAT Network to become a universal L2 for all L1s.
Team
The team is the soul of a project and the key to its success. Professor Stephen Duan, the leader of the GOAT technical team, founded Baidu Blockchain and Eigen Network. The members of the growth development and strategy team are all senior industry insiders who have led many well-known Web3 projects. Projects that can run for a long time have a common feature of sustainable token economics. Redouane Elkamhi, the head of economics at GOAT Network, is a professor of finance at the Rotman School of Management at the University of Toronto. Dr. Elkamhi has served as a consultant for KPMG and EY. Elkamhi is good at strategic asset allocation, fund management and DeFi. He has designed a sustainable income mechanism for GOAT, which covers nodes and BTC holders. You can look forward to the final details. Chief Innovation Officer Dr. Eric Wang holds a Ph.D. in Computer Science from the University of Waterloo. He is good at financial derivatives pricing, dynamic asset allocation, risk management and DeFi, and has rich experience in the traditional financial industry. He designed GOAT's sustainable BTC income model, which is suitable for GOAT node operators, BTC miners, large and small holders. The GOAT Network team has used real names since day one, and they are all long-term participants and innovation leaders in the Web3 field. Such a team and such openness have made GOAT's credibility and future prospects soar!
Final Thoughts
GOAT Network has adopted a decentralized sequencer since the first day of the mainnet launch, sharing the ownership of the network, reflecting the true spirit of decentralization. It has also confirmed the participation of 5 institutional sequencer nodes, and 5,000 BTC has been committed for first-day liquidity, which provides GOAT Network with deep liquidity and ensures capital efficiency.
In addition to innovations in technology and mechanisms, GOAT Network is building an organic ecosystem. When the mainnet is launched, some key DeFi programs will be launched at the same time, including DEX, lending, Perp DEX, BRC-20 and other Bitcoin native assets 0 fee trading platforms, and even MEME centers!
The GOAT Club Points Program is the best opportunity to participate in the GOAT Network early. Points holders will be eligible for the upcoming airdrop. There are three types of points:
- Community Points CP: Community members only need to hold 0.001 BTC to obtain long-term benefits and points
- Builder Points BP: Builders receive additional rewards from user activity based on the TVL or gas consumption of their smart contracts, or by integrating the GOAT Club API with a custom points system at mainnet launch.
- Node Points SP: Node operators earn points based on the blocks they produce, ensuring direct rewards for their contributions to network activity and security.
For details, please refer to the official explanation: club.goat.network/po...
Finally, we look forward to the launch of the GOAT Network mainnet, and we also look forward to GOAT becoming the leader of BTC Layer2, bringing more use cases and benefits to BTC holders!
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